This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/wales/8050727.stm
The article has changed 5 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| More shops needed for new centre | More shops needed for new centre |
| (about 3 hours later) | |
| Nearly half of the retail space in a new £675m shopping centre is still to be let five months before it opens. | Nearly half of the retail space in a new £675m shopping centre is still to be let five months before it opens. |
| Ahead of announcing its launch date, developers said 43% of floor space in St David's 2 has still not been filled. | Ahead of announcing its launch date, developers said 43% of floor space in St David's 2 has still not been filled. |
| But Neil Carron, project director of Land Securities, said negotiations with other retailers were being finalised and he was "confident" in its success. | But Neil Carron, project director of Land Securities, said negotiations with other retailers were being finalised and he was "confident" in its success. |
| Twenty-nine retailers have already been announced. Among them are 12 new names, including flagship store John Lewis. | Twenty-nine retailers have already been announced. Among them are 12 new names, including flagship store John Lewis. |
| Mr Carron said: "Take up of further floor space will increase over the coming months - most retailers are looking beyond the current economic climate, they know the strength of Cardiff as a shopping destination. | Mr Carron said: "Take up of further floor space will increase over the coming months - most retailers are looking beyond the current economic climate, they know the strength of Cardiff as a shopping destination. |
| These sort of retail developments are for the long term so it's vital to go on investing in much-needed facilities like shopping centres Richard Dodd, British Retail Consortium | These sort of retail developments are for the long term so it's vital to go on investing in much-needed facilities like shopping centres Richard Dodd, British Retail Consortium |
| "While there will be more shops still to come when we open we're confident we will have a good retail environment so retailers will be able to trade properly from day one." | "While there will be more shops still to come when we open we're confident we will have a good retail environment so retailers will be able to trade properly from day one." |
| The four-storey John Lewis building, covering 280,000 sq ft in total, is the first in Wales and the largest branch outside London. It will open on 24 September. | The four-storey John Lewis building, covering 280,000 sq ft in total, is the first in Wales and the largest branch outside London. It will open on 24 September. |
| Features of the new store include an espresso bar and a 293-seat eating area on the third floor. | Features of the new store include an espresso bar and a 293-seat eating area on the third floor. |
| Liz Mihell, managing director of John Lewis Cardiff, said the store is recruiting 700 employees of which the majority will come from the local area. | Liz Mihell, managing director of John Lewis Cardiff, said the store is recruiting 700 employees of which the majority will come from the local area. |
| "I've been thrilled with the quality of applications so far," she added. | "I've been thrilled with the quality of applications so far," she added. |
| 'Oversupply' | 'Oversupply' |
| Other retailers setting up their first store in Wales include Reiss, Crabtree & Evelyn, All Saints, Kurt Geiger and TM Lewin. St David's 2 is also launching the nation's first Jamie's Italian restaurant. | Other retailers setting up their first store in Wales include Reiss, Crabtree & Evelyn, All Saints, Kurt Geiger and TM Lewin. St David's 2 is also launching the nation's first Jamie's Italian restaurant. |
| The first John Lewis store in Wales is opening on 24 September | |
| Robert Clark, analyst and partner at the Retail Knowledge Bank, said there was an oversupply of retail space in the current economic climate. | Robert Clark, analyst and partner at the Retail Knowledge Bank, said there was an oversupply of retail space in the current economic climate. |
| He said that while retail location costs in the UK have been very high in recent years landlords and agents are now having to compete to increase the number of incentives they offer retailers to set up shop. | He said that while retail location costs in the UK have been very high in recent years landlords and agents are now having to compete to increase the number of incentives they offer retailers to set up shop. |
| Incentives can include rent-free periods and turnover related rents, he said, "nothing looks worse than empty shop fronts in a new centre". | Incentives can include rent-free periods and turnover related rents, he said, "nothing looks worse than empty shop fronts in a new centre". |
| The St David's Partnership has not disclosed any of its letting terms. | The St David's Partnership has not disclosed any of its letting terms. |
| Mr Carron said: "We've made the right deals by operating in the current market and agreeing terms with retailers accordingly. | Mr Carron said: "We've made the right deals by operating in the current market and agreeing terms with retailers accordingly. |
| Future investment | Future investment |
| Nick Carter, director at Cardiff-based property advisor Calan Retail, said that at the moment retail rents are maintaining their normal level, but "few deals are happening". | Nick Carter, director at Cardiff-based property advisor Calan Retail, said that at the moment retail rents are maintaining their normal level, but "few deals are happening". |
| "In the past three months rent-free terms used to be a typical offer for retailers but now this can be for up to two years," he said. | "In the past three months rent-free terms used to be a typical offer for retailers but now this can be for up to two years," he said. |
| Richard Dodd, spokesman for the British Retail Consortium, said the current economic climate should not deter investment in new schemes. | Richard Dodd, spokesman for the British Retail Consortium, said the current economic climate should not deter investment in new schemes. |
| "These sort of retail developments are for the long term so it's vital to go on investing in much-needed facilities like shopping centres," he said. | "These sort of retail developments are for the long term so it's vital to go on investing in much-needed facilities like shopping centres," he said. |